How crypto criminals stole $700 million from people - often using age-old tricks
Criminals Took $700 Million in Crypto This Year. Same Old Scams, New Technology.
What Happened
Criminals stole approximately $700 million worth of cryptocurrency from individuals this year, according to BBC reporting. The methods used were largely traditional fraud tactics adapted for digital currencies - romance scams, fake investment schemes, and social engineering.
Historical Context
Financial fraud isn't new. The FBI reported $10.3 billion lost to internet crimes in 2022 alone, with crypto representing just a fraction. The 2008 Madoff scheme alone cost investors $65 billion. Romance scams have existed since the postal service - dating back to the 1800s "Spanish Prisoner" letters. What's changed is the technology, not human gullibility. Credit card fraud costs Americans $28 billion annually. Traditional wire transfer fraud still dwarfs crypto losses.
What's In Your Control
• Whether you invest in any cryptocurrency at all
• How much research you do before any investment (crypto or traditional)
• Whether you send money to people you've never met in person
• Your response to "get rich quick" promises (skepticism is free)
• Whether you keep your private keys secure if you do own crypto
• How you educate elderly relatives about common scams
Does This Require Action?
Unless you own cryptocurrency or have vulnerable family members, this requires *awareness*, not action. Permission granted: You don't need to have an opinion about crypto regulation. If you do own crypto, review your security practices once, then move on with your life.
Source: BBC